My family and I were involved in a fire in January 2013... Our home was destroyed and we lost everything including our family dog. We had to jump from a second floor window to save our four children. The community was quick to respond and letters and donations were quick to come in. A modification was suggested to us as we were still paying a $1500 mortgage for a home we weren't living in and my husband had been laid off the month before. We gratefully went this route as we were trying to replace everything that had been lost.
After negotiations between our adjuster and the insurance adjuster were completed, a check was sent to cover the cost to rebuild our home. This was two months since the fire. In that time we had been living with my in-laws because our policy didn't cover temporary housing. Finally rebuilding was supposed to start. Not so.
The insurance company sent a check for the agreed upon amount but Wells Fargo was reporting almost $25000 less than the agreed upon settlement. My adjuster was angry needless to say and started asking questions. Wells Fargo had received the money and said they were holding back that amount in case of over costs. No one was very happy over this but it was a small detail and we were anxious to get the work started. Again not so.
We were told because we were in the middle of a modification that they weren't releasing the money until it was settled. One month we were told. Since we were told this, we have gone through a long process of never ending paperwork. We are told to fax this and send that. We do not receive a response to anything unless we call, and when we do we are told that we need yet another piece of information that we weren't told about two weeks prior.
We are now at the end of June 2013 and days from July and told that we needed yet another piece of information. (Please remember the fire happened in January.) This is the same piece of information that my HR at work has written a letter about on at least two other occasions. But now I have had to send to the Chicago home office to get the Head of Human Resources to write about. This piece of information? My job donated money to the family to help us after the fire and is on my pay stub. My HR has written two letters and I sent a signed affidavit stating that this was a one time gift. Not good enough.
In the meantime, my family is still living with my in-laws in two rooms. My children have lost their dog and home. They ask when are we going home. How do I explain to them that Wells Fargo has our money but won't release it and the modification that was supposed to help us is actually holding us back?
I am so tired of dealing with this bank and although it is a hassle to move my personal and business banking I have had enough. This big fraud that calls itself a bank has ripped me off for the last time. Forget everything the nice, friendly, smiling and apparently concerned banker tells you when they are trying to get you to open an account, apply for a loan, credit card, mortgage or anything else they are pushing.
The bank is nothing more than a fee generating machine and they have geared all of the practices and policies to ways that will separate you from your money in as many different ways and as frequently as possible. I could give you a long list but here is one that is easy for everybody to understand:
I write a check to a supplier while doing business in another city, who banks with a different bank located several hundreds of miles away. Magically (with the wonders of electronic check verification) that check is debited against my account that very same night. No problem.
A week later I receive a check from a customer who banks just down the street from my bank. I deposit the check at an ATM in the morning, several hours BEFORE the afternoon cutoff for deposits. I write a few checks and incur a few more debit transactions the next day, counting on those funds being in my account. The checks/transactions were for approx the following amounts and order: $81, $33, $9, $47, $38, $14, $7, $59, $10, $22, $116, $2, $11, $16, $745.
Guess what? They put a 5 day hold on the check from the local bank (a client from whom I had deposited dozens of checks in the past with zero problems). Then they debited the very largest item first ($745). It was my very last check I wrote to a department store at the end of the day and the very first one they debited which overdrew my account -$4.51, as they had put the hold on my deposit from the day before at the ATM. Then they debited the rest of the 14 checks/debits from my account, adding an overdraft fee of $35.00 for each item, totaling nearly $500 in overdraft fees.
When I went into the bank the next day to scream my displeasure I was told by the smiling, friendly and helpful banker that it is Wells Fargo's policy to ALWAYS debit the largest items first. The still smiling banker assured me this was to PROTECT ME as large dollar items could be a house or car payment and they know I would want to make sure those items were paid first, of course.
I thanked the smiling, friendly and helpful Wells Fargo banker for being so concerned about my car and home and I then proceeded to tell them that my car is PAID FOR and I DON'T HAVE A HOUSE PAYMENT! Furthermore, even if I did I would never want to be dinged $500 just to have those items covered. I asked to speak to the manager (also smiling and friendly) who that he empathized with me but that paying the largest item first was the policy. When I asked if they could waive the fees for a long standing business and personal account customer I was told that it was their policy not to, less everybody would come in asking the same thing.
So the next time one of the Wells Fargo smiling, helpful and friendly bankers ask you to open an account, run don't walk from their bank. The really funny thing is we all just read in the news yesterday that Wells Fargo has been laundering money for the Mexican Drug Cartels. Really straight operation they run there. I wonder if they smile and act so helpful and friendly for the Narco's when they come in to transfer their drug money?
Wells Fargo is a criminal organization in my humble opinion and I will never do business with them again. Don't buy into their lie about how they want to "help you". The only thing they are interested in is helping you OUT OF YOUR MONEY!!!
HIGH POINT, NORTH CAROLINA -- I have been a Wells Fargo customer for six years and have been noticing a gradual deterioration of service over the past year. Yesterday I finally learned why that is. Usually I do my banking online or at the ATM. This time I entered the bank. There were three people in line before me waiting for the only teller. There was one other employee working at the drive-in service window and a single bank manager in an office at the back. There were three groups of people waiting for the bank manager.
I waited in line for ten minutes before the teller finished with the person she had been working with when I first entered. Meanwhile two of the three people ahead of me in line got tired of waiting and had left the bank. The one remaining person ahead of me in line took less than five minutes but by that time there were four more people behind me.
When I got to the teller I casually mentioned that she seemed awfully busy and looked like she could use some help. She launched into an explanation of how tired, frustrated and exhausted she was because the bank wouldn't hire enough people and that she didn't even have time to visit the restroom. She was one of only two tellers and when the other teller was off (like the present time) there was simply too much for one person to handle.
She went on to state that sometimes new trainees were sent to the bank but as soon as they were trained they were always sent somewhere else. The bank manager had repeatedly requested additional help but his pleas were ignored because there was an overall shortage of qualified people throughout the company. The situation had been going on for about a year and she was completely exhausted and didn't know how much longer she could continue at that pace. I should mention that this Teller was very efficient and professional throughout the transaction and our brief conversation.
LOS ANGELES, CALIFORNIA -- Wells Fargo Dealer Services is the WORST COMPANY I have ever had to deal with!!! I submitted a payoff for my auto loan (with a cashier's check from CitiBank) in person at a Wells Fargo Branch and it has been 14 days and they have not posted the payment to my account. In the meantime, I am racking up late fees and dings on my credit while they are trying to research my payment. I have been told, many different things like - "it takes 3 days to post to your account", then it was "it takes 5-7 business days" then it was "the cashier's check bounced and was returned!" NO! I have proof you cashed it!!!
I only have an 800 number to call and get a different person each time I call and have to deal with the nasty - "your account is overdue" messages - uh, actually it isn't, you have the money! I got a copy of the cashed cashier's check from CitiBank (in less than 12 hours by the way) and submitted it to them without a promise or guarantee it will be taken care of in a timely matter.
I have taken many hours out of my work trying to fix this - with dealer services, and with the bank where I made the payment. They don't care if your credit is on the line (I can't imagine getting them to try to fix it because of their mess up) or that they basically STOLE MY $800 PAYMENT - it isn't their money so no sweat off of their back.
At this point I don't know what to do. I need a consumer advocate to help me get my account cleared, my pink slip sent and my credit fixed! I am sick to my stomach over all of this with no end in sight. DO NOT USE THIS COMPANY! IT WOULD BE WORTH PAYING HIGHER INTEREST!!
MARINA DEL REY, CALIFORNIA -- I got into a business deal with someone I should not have due to communication issues. I gave her all the merchandise that did not sell including a check for her sold items. She claimed the check was lost, so I gave her cash and placed a stop payment on the check. 6 months and 3 days later she re-deposited the check and it cleared my account.
I called Wells Fargo customer service line and was on hold for over 30 mins and was transferred to every dept that could not help me. I drove to the local branch on a beautiful Sat morning, asked for the branch manager at the Marina Del Rey location. After 2 hours in the branch trying to convince him that I paid a fee of $35 for a stop payment for a check that they APPROVED for deposit after 6 months and 3 days.
The image of the check CLEARLY had STOP PAYMENT across the top left corner and I cannot believe WF approved the deposit. They basically told me that after 6 months, you can re-deposit any check because it is a legal document with your signature. It does not make any sense to me or anyone that I have told this to.
I was a member of Wells since 1996 and this was my 1st stop payment and will be my last. I pulled all my personal and business accounts and will be back to pull all my clients account along with their mortgages. If you have experienced this, please contact me. This is ridiculous and it will not stop here!!
I am a victim of Wells Fargo's Loan Modification scam (HAMP) September 27th, 2010: In the summer of 2006 I was approved for an adjustable rate mortgage by Wells Fargo in order to build a home for myself and two children. My payments were very affordable until 2008 when an increase of over $800 a month put my monthly payment at over $1800 a month. I struggled but was able to make my payments until I suffered the loss of a job and a change in my salary in December of 2008.
I continued to struggle each month until June of 2009 when I was made aware of the government program called HAMP (Home Affordable Modification Program). I contacted Wells Fargo inquiring about the program. Wells Fargo informed me that after going over my financial situation over the phone with them, that I would indeed qualify for the program and that I would receive a packet via FedEx in a couple days to fill out and send back in. The packet finally arrived August 16th and I took great effort to fill out each form and gather copies of the required information. I returned the signed forms and packet containing all of my information within 1 day of receiving it.
I contacted Wells Fargo a few days later to verify that they received my packet and they confirmed that they had my information and would be reviewing it. I was assured that I would hear back from them within 30 days and not to make any further payments until it was determined what exactly my trial period payment were to be. I did not hear from them within the 30 days, and began calling to find out what was taking so long. I was told that their department had thousands of applicants and that it may take a little longer. Again, I was also told not to make a payment yet and was assured that very soon I would receive that information in the form of a FedEx package.
Two months went by. I finally received the package 10-26-09 and was given a "Welcome to the program" letter with contract and an outline of the three trial period payments of $691.86 with the first one being due 12-01-09 (over a month away). I called Wells Fargo and immediately set up the three payments via personal check predated for several days before each due date. I wanted to make sure the payment reached them before the actual due date to show my intentions of good faith.
The first payment was made 11-28-09, the second 12-28-09 and the third 01-28-10. I then anticipated hearing back or receiving some paperwork shortly after the last payment was made. I called a couple of days later to inquire about the steps being complete and what I should do next. I was told that it would again take up to 30 days to be reviewed and completed and that I should receive the same contract back via FedEx signed by them. When asked what to do regarding a monthly payment in the mean time, I was again told not to make any payments until the packet arrived.
I received the packet containing the signed contract, via FedEx, on my doorstep in March 2010. The contract was signed by Wells Fargo 03-04-10. I called to inquire what the next step would be and was told that I would be receiving another packet via FedEx containing paperwork regarding the re-modification, making it permanent. I was told this could take up to 30 days and that my new payments would begin as soon as I received the paperwork.
April 19th I received a letter from Wells Fargo dated April 14th, stating that unfortunately I was not approved for the Home Affordable Modification Program because I failed to make my three trial period payments. I was so upset and confused because clearly I had made each and every one of those payments. In fact I made them early!
I called at 7:35pm and spoke to ** regarding the letter. He confirmed that I made each payment, and said that the letter was sent out in error. He was as confused as I was regarding the error, and stated that in fact a "New Trail Period Letter" was sent out automatically on April 15th, just after the erroneous "denial letter" was sent to me by mistake. He assured me that he was entering the notes from my call into the system and that it would be forwarded to his supervisor for correction. He asked me to wait a couple business days to call back so that it could be straightened out.
I called 04-21-10 and spoke to ** and seemed to have to re-explain each and every detail of the past ten months of beginning the program. She put me on hold for 45 minutes while she spoke to her supervisor and assured me that she was sending an email to correct the situation and have the "Second Trial Period" removed from my account. She instructed me to give the email some time to get to the correct department and call back in 3 days. In the mean time I received the "Second Trial Period" packet via FedEx. I again called back and asked to speak to a supervisor regarding the confusion.
I was told that no one had yet responded to the email requesting help to remove the "Second Trial Period" and the women stated that she was not sure whom to send another email to, or who was even working on my case. After an hour on the phone she stated that the only way to get back into the program was to start over and fill out the new packet that had just arrived. I explained that I had done nothing wrong and that I had received the signed contract back from Wells Fargo completing my portion of the program. She offered no help and again told me that I would have to start over and apply to the program for the second time.
It was Wells Fargo that had dropped the ball, and I was falling through the cracks! Feeling helpless, and scared of losing my home, I completed the second packet and again called and set up three trial period payments several days ahead of their due dates just like the first time. The worst part about the second trial period was that my monthly payment had DOUBLED! The first time my payment was $691, this time the payments were increased to $1,224! Feeling absolutely helpless I dug in and waiting to complete the process for the second time.
The first payment (this time) was made 05-28-10. Two weeks later out of the blue a Wells Fargo debt collections representative called me to collect a payment of over $11,000 (late fees and unpaid mortgage payments). All along I found out that Wells Fargo had been reporting that I was not making payments and adding interest and penalties to my balance. I was in shock! I explained to the representative that I was in the HAMP program and that my first trial period payment (of the second program that I had been placed in) had been taken out of my bank account just two weeks prior.
She put me on hold for 20 minutes and came back on the phone to inform me that according to the notes in the system, I had called to remove myself from the program!!! In fact the words she used were that I "requested to be removed from the HAMP program." I was again in total shock that I was being told something so "out of left field." I explained that I would never do that and it must have been a mistake on their part. I demanded to speak to a supervisor!
I was told that Wells Fargo would have to "pull the actual call" and it would take 15-30 days for them to do that. I told them that this was illegal and that in no way shape or form would I have ever removed myself from any program that was going to help me keep my home and everything that I had worked so hard for. I threatened to call a lawyer and report them for this action.
The supervisor replied to me, screaming at the top of her lungs, that I was no longer in the program, it would take too long to pull the call and I could be placed in foreclosure! She demanded the only way to get back into the program as soon as possible was to start over the entire process again! Feeling completely helpless and defeated I once again was sent a package via FedEx to complete the process all over again.
It's now June 2010. I spoke to Customer service representative ** and was told to make my regular monthly payment of $1,295.92, which I have a confirmation number for. She told me to re-fax all of my information to the loss mitigation department and call 2 hours after to verify that they received the information. I did exactly what they asked and began the HAMP process for the third time. I was assigned a loan servicer whose name was **. I spoke to ** who told me that all of my paperwork needed to be sent in like clockwork every 30 days to maintain my status in the program, and to call at least once a week to check on the status of my approval.
I called each week and continued to re-fax my paperwork, signed and dated every 30 days. ** called and informed me that in fact I was not accepted into the HAMP program due to my ratio of debt being 21% instead of the required 31%. He stated that I would be reviewed for "in house" programs. He encouraged me to continue to call each week and keep my information faxed in every 30 days. In the mean time, I continued to pay the $1,295.92 mortgage payments for July and August.
09-23-10 I phoned Wells Fargo and during the identity verification process the customer service representative informed me that my home was in foreclosure with a sale date of November 4th. 09-28-10 I received a letter in the mail from Wells Fargo's law firm stating that they were moving forward with the foreclosure process of my home, setting a sale date of November 2nd, despite the fact that my case is still officially under review with Wells Fargo. In the same letter, they informed me that we may qualify for their home remodification program - the same one I've been applying to for the past 15 months.
From the beginning, I did everything Wells Fargo asked me to do. I never gave up, never withdrew and was on time with each and every application, contract and payment to Wells Fargo. Yet, I am currently in the process of losing my home.
I have been working with Wells Fargo since about July 2009 to get a Home Loan Modification, as outlined in the federal program (www.makinghomesaffordable.gov). I finally received my paperwork this week, and it is as if they "rewrote" the modification the way THEY WANTED TO, not following the federal guidelines, which are clearly written in a 17-page memo to lenders.
Also, they did not offer me the $1000 per year "incentive" that a borrower is eligible for, for up to 5 years, if we enter into the agreement and make payments on time. This helps "pay down" part of your principal... they totally ignored that... probably since the guidelines (to lenders), states, "borrowers are eligible for (the $1000 a year incentive)..." instead of saying "(Lenders), you MUST include this in your loan modification agreement."
Here is what has happened with my loan modification, so right now I am wondering whether to sign or not to sign... and they gave me only 10 days to sign and return... while it took them almost 8 months to get my loan modification through a trial period.!
But here is what happened with my modification: my mortgage should have been reduced by about $250 - $280... but was only reduced by about $98! Borrowers are supposed to bring your payment down to 31% of your Gross Income, and are supposed to reduce your interest rate (as a first step in something the Gov't calls the "Waterfall Procedures", which are specific steps Lenders are to take to reduce the mortgage so the CORRECT AMOUNT OF modification agreement can be determined... This is NOT what was offered in my case.
I have been trying to get my home loan modification with them for about 6-7 months... I did EVERYTHING THEY ASKED, sent all forms, resent forms, resent proof of income, the signed affidavit. About 4 months ago, they sent the amount of my trial payments, which was encouraging because the payment dropped from about $1250 (which I can no longer afford, due to a sharp decrease in my income; my payment for the trial period was reduced to about $980.
I also want to note that I did not have a sub-prime mortgage, that I have always been current on the mortgage, and that my home in Austin TX is worth about what I owe on it. Also, I do pay Private mortgage insurance (PMI), and I'm reading from many with problems, that some banks are not working with them... preferring their home to go into foreclosure, since the home has PMI.
The "making home affordable" gov. website calculators show that I'm eligible, and that $980 (trial payment) was actually somewhat more than the 31% of my income. I thought I was "good to go..." and made every trial payment.
Now... this week, I get a letter from Wells Fargo that offers me something they call a "Home Affordable Modification Agreement", and they only gave me until 3/23/10 (less than 10 days), to sign and return it to them. THE TERMS ARE NOT AS outlined on the Gov't site at ALL! To reduce my mortgage, they offer to EXTEND THE TERM OF THE MORTGAGE, and only to lower the interest rate by about one-half percent. This is NOT how the Gov't site said as to mortgages being modified.
My total monthly payment only went down $98, if I sign this, and again... this payment is MUCH more than the approx. $960 that my loan modification should be (according to the calculator on the federal "making homes affordable.gov" site and other federal web sites.). Do they think we don't read or multiply??? Also... they didn't make my escrow payment with my trial payments, and so they informed me I now owe escrow of $1876! (This is something the government guidelines to lenders ALSO tells lenders, that they MUST make the escrow, if the funds are there... which mine were, as part of my $980 trial period payment!
They did write in something they call a "borrower incentive" that if I make payments on time, I will "accrue" a "benefit" equal to $54.58, which is 1/2 of the reduction in the monthly mortgage payment. There is nothing that I can find about this being in the government program -- it reads that with a home modification you no longer have to pay the PMI. (Because the government is in effect insuring your mortgage, at least that is my understanding of why you no longer have to pay PMI).
I feel Wells Fargo has "rewritten" that "PMI" program benefit more to THEIR benefit, in their legal terms... saying, "if your modified mortgage loan ever becomes 90 days delinquent, you will lose all accrued but unapplied principal reduction benefits... and will no longer be eligible to accrue additional principal reduction benefits..." THAT is NOT in the government guidelines at all.
I don't know what I am going to do at this point, because it seems as if WFargo is really trying to screw me. That is not a word I ever use, but it fits with this situation. In my opinion, they are purposefully ignoring the government guidelines on how the FEDERAL home loan modification program was written, and have written their terms... much more favorable to them.
HOUSTON, TEXAS -- Be very careful when you do business with Wells Fargo. A couple of months ago I contacted Wells Fargo to refinancing my auto in an effort to reduce my debt. I received an offer with a higher finance rate so I declined. Plus, the monthly payments were more than I was currently paying. Financially it wasn't helpful in my efforts of reducing my debt. A couple of weeks after I turned down the auto refinance offer, I received an invitation from Wells Fargo to apply for a home refinance loan. So I applied just to see if it would be beneficial.
About a week later, I received a letter in the mail from Wells Fargo declining me for a home refinance, no big deal. Then, about a month ago I was contacted by a Rep of Wells Fargo who asked me if I was still interested in refinancing my house. I explained that I'd already been declined. She told me the letter was a formality and it was “something Wells Fargo sends automatically”, and there were no problems with getting a home refinance loan. The Rep also inquired about the auto loan I applied for. I explained to her that I declined it because the rate was too high.
I made an appointment to meet the Rep to discuss refinancing my house with cash out to pay off some creditors. I supplied all the required documents prior to the meeting. I met with the Rep on July 21st to sign the papers for the home refinance loan. During our meeting the Rep brought up refinancing my truck. I explained why I declined the auto loan. The Rep suggested that with the cash out from refinancing both my truck and house, I could pay off a majority of my creditors, thus saving money. I told the Rep that I didn't want to refinance my auto. The rate was too high and it was not worth it.
I was already 2 years into a 6 year loan and didn't want to start over with another 6 year note at a higher rate. The Rep explained that with the cash out from refinancing my auto, I could pay off a creditors and it would help get a better rate on the home loan. The Rep again pointed out that with the cash out from refinancing both I could pay the majority of my creditors and with the money I'd be saving monthly, I could pay more towards my truck and still have it paid in 4 years.
I made it clear that I DID NOT want to refinance my auto unless it was 100% SURE I was approved for the home loan. Otherwise, it made no sense to refinance my truck. Her exact words were “You're approved. I'm working on the rate. The loan has been approved.” She ASSURED me the home refinance loan was approved so I refinanced my truck based on her assurance. I refinanced my truck that day. Plus, I signed all the papers for the refinance of my house, leaving 100% sure that I was approved for the home loan based on what I was told by the Rep.
I took the check I'd gotten from the cash out on the auto refinance (about $1,500) and paid off a creditor as was planned. I didn't hear anything for a week so I called to check the status of the loan. I was assured there were no problems. I asked her if she knew the finance rate on the home loan yet and she told me no but said she'd let me know when she knew. Another week passed with no word. I emailed the Rep to check the status and asked if there were any problems with the loan. Again I was told there were no problems.
After a few more days, I checked again and was assured there were no problems. In fact, I was told I “should be hearing from the Appraiser any day”. Finally, on 8/10/09, I received a call from the Rep telling me my home loan was turned down because the pre-appraisal came in lower than what they thought. I was very upset. I told the Rep that no one had come to appraise my home. I told her that she had assured me several times I WAS APPROVED, that's why I refinanced by auto. Now she's telling me I've been declined. I WAS MISLED & TRICKED INTO REFINANCING MY TRUCK. I refinanced my truck based on lies from the Rep of Wells Fargo.
I NEVER would have refinanced my truck if I was not 100% sure I was approved for the home loan as I was told by the Rep. I can't even cancel the loan since I've already taken the money I received from the cash out to pay a creditor. Basically, I've traded a $1,500 creditor for a $30,000 auto loan. THANKS WELLS FARGO.
IRVING, TEXAS -- They will push back charges and delay deposits to make charges bounce. When I confronted them with proof, I just got double talk, changing the subject, insults and was told I should close my account and go elsewhere. The following is what happened to me.
I am not the best at balancing my checkbook so I check my balance online every night. For the couple of months I have banked there, every single charge including checks would show up as pending, and then would finalize the next day (deposits are the same way). So I check my activity on the 8th, and 3 charges have came in as pending (with ample funds to cover them). Then on the 9th, a check shows up as having finalized on the 8th, and the 3 previous charges have bounced. Further, my direct deposit has shown up pending on Thursday and finalizes on Friday every week.
This time, it doesn't show up on Thursday at all (but does show up pending on Friday morning meaning it will finalize on Saturday, a day late). Had I not caught this and done a direct deposit advance (which cost me 46$), that would have cost me another 12 bounced charges at 35$ each. So I check with others at my work (this is an employee account), and I am the only one that got a direct deposit a day late. 2 people confirmed for sure that their deposit showed pending on Thursday.
So I go in and talk to the bank. The first guy I talked to said, "Yes we will push larger checks back as they are often more important checks like rent that people need to clear (which of course causes many more small charges that have already cleared to bounce, at 35$ each)." He asked what I would have preferred, that they let the large one bounce? I told him yes. He went to talk to another employee. I walked over as I had not mentioned the direct deposit yet, and told him I had another issue as well.
This guy just changed the subject when I mentioned what the other guy had said, and he said that checks won't show in online banking until a day or two after they post (a complete lie). I tried to show him printouts that showed pending checks. I tried to show him a printout from the 8th that showed funds for the 3 charges but not the larger check, then another printout on the 9th with the large check being pushed back to the 8th. He basically ignored all the printed proof I had. He never looked at my proof close enough to read anything. He said several times, that I seemed to know more about online banking than they did so why was I talking to them.
It seemed like any time I brought up an issue, he just made up something off the top of his head to refute me (and he did contradict himself). He said that if my deposit showed on Friday (pending or not), then it was there and I should check the date on my pay stub (fyi I talked to someone on the phone the night before, and they said if it was not there pending on Thursday night, then it would not be final until Saturday). He said that the people at my work were wrong, and I was wrong and didn't know what I was talking about, even though I had printed proof.
One of his last statements was that this was all my fault and I didn't know what I was talking about. I said I hadn't had problems like this for years with my previous bank, and suggested that perhaps I should close my account and go back there. He said that I should close my account.
Obviously they are playing with charges and deposits to try to maximize charges and fees. My balance hadn't been that close to zero before, but my wife had discontinued her direct deposit at our old bank and hadn't set it up with Wells Fargo yet, so getting a paper check delayed things a bit (she got paid that same Friday too). With both our pay on direct deposit, I don't think that issues like this would arise as sufficient funds would always be available. It's nice to know if my account does get low though, this is how they are going to take care of me. I'll take his advice and close my accounts.
On Feb 19 I mailed a check, drawn on my Wells Fargo account, from California to the GMAC payment center in Arizona. I got paid on Feb 20th (Friday) and on Saturday the 21st at 10 am I deposited my check. I was told at that time my GMAC check for $500 had bounced on the 20th.
I question this since I did not understand how the check had gotten from CA to AZ - via the mail - and the fund drawn from my account in one day. I viewed a copy of my check online at Wellsfargo.com. While the front was very clear the back was totally unreadable. I contacted customer service and requested a better copy so that I could ascertain exactly what time this check was processed. They told me that was all that was available, that they had no legal requirement to provide me with another copy and that all he could tell me was that the check was processed on the 20th and I basically had to take their word for it
I used my ATM on the 20th and still had about $300 in funds according to the slip. I believe that Wells Fargo actually processed the check later than they stated and only applied it when I went into the bank on Saturday the 21st. They then credited my account before applying my deposit that morning.
What follows next, thanks to the intensive lobbying the banking giants conduct in Washington, amounts to legal larceny aided and abetted by our elected officials. They posted various small ATM purchases that I had made over the previous few days resulting in a cascading series of fees which is now about $400.
Wells Fargo has engaged in sequencing the charges in such a way as to maximize the amount of charges they could attach to my account. If they are going to charge me then I deserve to have a copy of the check back that is legible or they need to provide the original check. I see no reason that I have to accept their word especially given their history of deceptive and predatory tactics.
I did not set up overdraft protection yet they will selectively honor purchases and e-payments after they overdraw the account anytime. This results in a lot of fees for little risk i.e. they won't honor a $200 charge but will gladly allow an automatic $1 charge that then earns them $35. They will deposit my checks with no hold for weeks at a time but hold the check for 3-5 days when doing so will force the account to be overdrawn by pending ATM charges. They will delay notification that the account is overdrawn and fees were being assessed to maximize fees - I received written notice 5 days after the fact.
I believe that Wells Fargo has not only acted dishonestly in this matter they have acted criminally. I believe that this process of sequencing the transactions to extract greater fees preys largely upon those who can least afford it because their accounts would be the least cushioned and most vulnerable to this predatory tactic.
I strongly recommend going to helpwithmybank.com to find out who regulates your bank and file a complaint. Contact your congressman, newspapers and blogs. Move your money to a credit union if possible as most seem to not charge these fees. Oppose giving stimulus money to these banks until they clean up their act. Otherwise they are only going to use our own money to pay us back if the class action suit is successful essentially spitting in our faces.